TruAmerica
Any insights on culture, comp, exits, etc?
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Good experience and good exits. Culture is a bit too old school corporate but there are some good people that work there. Pay is crap, expect bottom in the industry.
What do you mean by old school corporate? Company is only a decade old…. From what I know, comp is okay but not always commensurate with hours worked/acquisition volume. For better or worse, lots of former employees have started their own thing to varying levels of success. Being a young, growing company there isn’t a ton of data points of people who have left otherwise
Curious- do shops like Tru America, Kennedy Wilson, etc hire people with debt experience. Is there an in house capital markets team that sources debt or is that also handled by the acquisitions team? Thank you!
Speaking of the culture, not the age of company. They were one of the last to access remote work and one of the first to bring everyone back to the office. They'll measure associates success by hours behind a desk and definitely let you know how replaceable you are. Don’t expect participation unless you’re contributing to the GP fund which I suppose access to that is nice. Maybe it’s changed in the last few years but comp was always bottom tier when I was surveying friends. Exit ops are great, just ask Tides.
There isn’t a GP fund - all the GP capital comes from the principal and Guardian Life. Portion is carved out for employees on deal by deal basis to invest. And I personally know people that have points there, but like other firms it’s at a more senior level.
Working remote is personal preference - some of us prefer to be in the office. I was going crazy at home.
I am no Tides defender, but there’s something to be said about a company that equips a number of ex employees to start their own thing. That takes a lot of different skillsets that you don’t get everywhere else. Overall seems like a fine place to work, plus I’m sure there’s variety in culture across the different offices
You have too much vested interest in this topic, it's clear. Apologies for the typo, should have read GP funds* not GP fund. But as you confirmed, they carve out a small portion of the GP funds for employees to participate.
I only thing they taught Tides was how to pay like crap and create turnover. I've seen some good people come out of the company but it's only because the good quickly leave for much better comp and the bad stay because they can't get better comp elsewhere.
I said the firm and comp is just fine, not exactly saying they are the best firm ever. It’s unfair to malign a firm on an anonymous forum unless it’s well deserved - knowing a number of people there over the years/currently, it’s not deserved in this case.
The Tides guys are responsible for everything at Tides, not the former employer of one of them. Let’s not absolve Tides of individual responsibility. Additionally, Sean worked for the same principal’s other company, which yes I have heard comp isn’t great, but that’s not what we are discussing here
Anyone who works at a Value-Add Multi-family firm deserves to be maligned. They add little to no value, charge high fee's and just jack rents on hard working Americans.
Its basically a disgusting business run by people who are not good enough to do the hard things in real estate like Development which can actually help people and be a net positive.
I have zero respect for TruAmerica or any firm like them....bunch of lemmings
Yes and Sean was an AM there that sucked and got fired. Not sure that's the best representation of going to start your own business because current one isn't great.
Worthless irrelevant firm and heard they don’t pay well. You will not learn anything as they do not do anything special
Bob Hart gets all this attention but what’s hilarious is he is far less wealthy than people would think. Most of the guys who just do value add real estate with institutional partners are. Tough business to make money in.
Totally disagree with this statement. And how do you define wealthy? Value add real estate is where people get rich. Development, except for the select few, makes most people go bankrupt. If you can build a value add platform, it’s where you can consistently 2.5x your money every 5 years..
100% agreed with this - and also who cares how wealthy the principal is. The OP is probably asking about their open analyst roles across the country. At that level it’s about getting live deal reps and TruAmerica has gone from zero to top 25 landlord in 10 years. So you’ll get reps
People make get rich in our business doing unique projects that not many other people can do including development.
You do not get rich doing lipstick on the pig value add Multi-Family investing. Its literally a basic thing anyone can do.
No one is 2.5x their money every 5 years right now. Truamerica's fund going to take a pretty big bath as they did a bunch of terrible deals
As someone who has been to his Beverly Hills estate, this comment is hilarious.
Absolutely comical
Heard he is leveraged to the Max on it
VP at Tides Equities I'm assuming
Know absolutely nothing about them except whoever came up with their name should be canned. Sounds like a dairy brand.
They're very much a "throw lipstick on the pig" kind of firm, though I guess that could be said about most value-add shops. I wasn't impressed by their team, went there for a "meet the team" session when I was a student and interviewed for an internship. Very clubby, bro-y culture from the people I know who are there. I'm sure you learn a lot and get some good exposure to underwriting, but it's nothing glamorous.
What team was it? I know they have a eastern, central, and western based teams.
West coast.
I have a friend who has experience with TruAmerica. From what it sounds like the people that work there are all super awesome and work hard. Can't opine much on the comp, but sounds like the compensation was fair. As mentioned above there is opportunity to throw in some money into the GP on a deal by deal basis which I think is pretty attractive. In the end its value add multifamily, not the sexiest thing in the world, but you get tons of reps there and my friend was able to look at a large amount of deals which is important at the start of a career. My friend also said the upper management was pretty awesome there. Personally, I think its a good shop that gives their employees opportunities to go do their own thing in the future.
Tru America is just another lipstick on a pig MF shop. Better name than your uncle Buck syndicator shop (if you have been around the block as long as them of course some institutions will partner with them as a LP) but tbh this apples to many shops like take Bascom for example too. A level (barely) above uncle Buck’s syndicator shop but it ain’t Brookfield or Blackstone. Don’t blame them though. It’s just the nature of the rinse and repeat middle market MF space. After a while, it’s just boring.
It is boring and those shops are worthless and make far less money than people think.
They make far less in promotes then people think too given how easy the business is. Unlike other property types every time a downturn hits they all get so crushed.
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